Will and Jada Pinkett Smith's charitable foundation is set to close following a drop in donations after Will slapped Chris Rock at the 2022 Oscars. Tax records reveal that the revenue of the Will and Jada Smith Family Foundation plummeted by 83% in 2022, with high-profile contributors withdrawing their support. Before the incident, the foundation had received substantial donations from organizations like American Airlines and CAA.

While the couple has not commented, a source close to them revealed that they had already been planning to wind down the foundation and focus on private charitable giving. Despite the closure, Will Smith continues to earn significant paychecks in Hollywood. Details from the foundation's 2023 tax information are expected to be released soon.